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Taiwan: Stocks up in tentative bargain hunting, but trading cautious

Friday, April 8, 2016 - 11:16

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[TAIPEI] Taiwan stocks rose on Friday on tentative bargain hunting, led by gains in tech and semiconductor shares, snapping a three-session fall.

The gains should be short-lived as they defied the weakness seen in overseas markets and ahead of first-quarter trade data, traders said.

As of 0252 GMT, the main TAIEX index rose 0.2 per cent, to 8,507.46 points, after closing down 0.3 per cent in the previous session.

The financials subindex lost 0.5 per cent, but the electronics subindex gained 0.5 per cent.

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The semiconductor subindex rose a greater 1.1 per cent, led by the world's largest contract chipmaker and heavy weight share TSMC, which was up nearly 2 per cent.

TSMC is due to issue its March sales later in the day after the market closes. The first two months of this year recorded sales which were down nearly 13 per cent from previous year.

On Monday, Taiwan will report its exports data for March. Exports last month likely fell for the 14th month but narrowed its decline, according to a Reuters poll. The government has forecast the export-reliant economy to contract in the first quarter from a year ago.

The Taiwan dollar softened T$0.058 to T$32.460 per US dollar.

REUTERS

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